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Pearce Finances Top Among NM Congressmen

By Barry Massey
Associated Press
    SANTA FE — Rep. Steve Pearce has the largest financial holdings of New Mexico's three members of the U.S. House.
    Pearce's assets in 2007 were valued between $7 million and nearly $33 million, according to the latest financial disclosure by the Hobbs Republican, who represents the 2nd Congressional District of southern New Mexico.
    Democrat Tom Udall reported assets from $1.5 million to nearly $3.6 million, and Republican Heather Wilson's assets ranged from $281,000 to $615,000.
    Pearce and Udall are running in the November general election for the U.S. Senate seat being vacated by Republican Pete Domenici. Udall, of Santa Fe, represents the 3rd Congressional District of northern New Mexico.
    Neither Pearce nor Udall reported any liabilities. Wilson had a mortgage of $50,001-$100,000 on a condominium in Washington, D.C. The rental property was her most valuable asset, $250,001-$500,000.
    The financial disclosures, which are required yearly for members of Congress, do not provide a precise net worth of lawmakers because assets, liabilities and income are valued only in broad ranges.
    For example, Pearce's most valuable asset — $5 million-$25 million — was a Hobbs company, Trinity Industries Inc., that rents party equipment, such as tables and chairs. The company produced dividends for Pearce between $100,001 and $1 million. The House disclosure forms require lawmakers to report dividends as income even if they are reinvested.
    Pearce had holdings in another company called LFT, LLC — for Lea Fishing Tools — valued at $1 million-$5 million. It generated partnership income of $50,001-$100,000. The company owns properties, such as office space, that had been used by an oil field services business in Hobbs that Pearce formerly operated under the name, Lea Fishing Tools, Brian Phillips, a spokesman for Pearce's campaign, said Wednesday. Most of the company's assets were sold several years ago and LFT is no longer involved in oil field services, according to Phillips.
    Pearce also has a stake in another company that rents party equipment, according to Phillips. His holdings in that company, Exedra, LLC, were worth $500,001-$1 million and generated between $100,001 and $1 million in partnership income.
    Another Pearce company, Gree Ltd., owns two aircraft. Pearce uses the planes for travel, including his Senate campaign, and under congressional ethics rules he pays full charter rates for trips, according to Phillips. Pearce reported his holdings were valued at $100,001-$250,000 and the company generated income of $5,001-$15,000 last year.
    Pearce had banks accounts worth $350,000-$750,000. His combined assets generated dividends, interest and other income from $287,000 to $2.2 million.
    Udall listed nearly three dozen assets, mostly annuities, mutual funds, stocks and bonds. One annuity was valued at $500,001-$1 million, but it generated no income for him in 2007. His stock holdings included $1,001-$15,000 in Merck & Co. Inc., a pharmaceutical company that has opposed legislation in Congress to impose government price controls on prescription drugs in the Medicare program. He also owns $1,001-$15,000 of stock in Medco Health Solutions Inc., a pharmacy-benefits manager that has lobbied Congress for legislation to encourage electronic prescribing.
    Udall's assets produced interest, dividends, capital gains and other income from $27,600 to $70,900 in 2007.
    Wilson's Washington condo generated rents of $15,001-$50,000. Her other assets, checking and retirement accounts, generated interest and dividends of $200-$1,400.
    Wilson's husband, Jay Hone, had assets valued from nearly $1.7 million to $4.2 million. That included several rental houses in the Albuquerque area, retirement and bank accounts and life insurance policies. Hone, an Albuquerque lawyer, had liabilities of $600,000 to $1.4 million, mostly for mortgages.
    Lawmakers are not required to disclosure the value of their personal residence unless it generated rental income. The House disclosure reports were released in Washington earlier this week.

Summaries of 2007 finances of NM U.S. House members
    SANTA FE (AP) — A summary of the finances in 2007 of New Mexico's three members of the U.S. House of Representatives, according to disclosure reports filed by the lawmakers. House members outside the top leadership posts received salaries of $165,200.
    Rep. Steve Pearce, R-N.M.
    Earned income: $165,200.
    Honoraria, all donated to charity: None.
    Major assets: Party equipment rental company in Hobbs, Trinity Industries Inc., $5,000,001-$25,000,000; Hobbs company with rental property, LFT, LLC., $1,000,001-$5,000,000; another party equipment rental business, Exedra, LLC, $500,001-$1,000,000; and company that owns aircraft, Gree Ltd., $100,001-$250,000.
    Major sources of unearned income: Dividends and other income from the equipment rental businesses, $255,000-$2,115,000.
    Major liabilities: None.
    Gifts: None.
    Narrative: Pearce's wife has stock in a bank holding company in Hobbs valued between $1,000,001-$5,000,000. She is a director of the Lea County State Bank. Pearce purchased the holdings in Gree Ltd. on Sept. 30, 2007 and a day later acquired some holdings in LFT, which is known as Lea Fishing Tools. Pearce once operated an oil field services company by that name but most of its assets were sold several years ago. Pearce purchased real estate near Truth or Consequences valued between $100,001 and $250,000. The Heritage Foundation, a conservative think tank, paid for food and lodging for Pearce during a trip to Baltimore.
    Rep. Tom Udall, D-N.M.
    Earned income: $165,200.
    Honoraria, all donated to charity: None.
    Major assets: Annuities valued between $700,003-$1,500,000; stock, bond and precious metals mutual funds of Evergreen Investments, $181,005-$465,000; holdings in ProLogis, a Denver-based industrial real estate investment trust, $15,001-$50,000.
    Major sources of unearned income: State, local and other government bonds, $4,200-$11,000; dividends, interest and capital gains in more than a dozen mutual funds, $17,000-$44,000.
    Major liabilities: None.
    Gifts: None.
    Narrative: Udall took a trip to China paid for by the Aspen Institute, a Washington, D.C.-based think tank. He reported investment transactions of $77,000-$330,000, including sales of money market fund shares of $50,000-$100,000.
    Rep. Heather Wilson, R-N.M.
    Earned income: $165,000.
    Honoraria, all donated to charity: $100, for speech to New Mexico Federated Republican Women.
    Major assets: Condominium in Washington, D.C., $250,001-$500,000; individual retirement account, $15,001-$50,000; bank checking account, $15,001-$50,000.
    Major sources of unearned income: Rent on condo, $15,001-$50,000.
    Major liabilities: Mortgage on condo in Washington, $50,001-$100,000.
    Gifts: None.
    Narrative: Wilson's husband, Jay Hone, an Albuquerque lawyer, has assets valued between $1.6 million and $4.2 million, including bank and retirement accounts, insurance policies, rental property in the Albuquerque area and unimproved land in Valencia County, Colfax County and in El Rito. Hone has liabilities of $600,000-$1.4 million, mostly for mortgages on houses.

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